Friday, February 08, 2008

Obvious and obvious

The CDC announced today that this year's flu vaccine may not provide adequate protection. Too bad I could have told them that 6 weeks ago. I'd ask for my money back, but the vaccine was free.

Bank of America decided to arbitrarily raise rates on their credit card customers, in some cases more than doubling the prior rate. They gotta make up for that 95% decrease in profits somehow, as well as prepare for the sinking albatross that is Countrywide Financial. As they say though, banks can only screw you as much as you let them. I don't believe that we got a letter; regardless, our effective interest rate would have doubled from 0% to....0%.

Same reason why I haven't called up Citibank and argued that there was no reason for my APR to ever have been 20.24% (though with the recent Fed rate cuts it's down to 17.99%). It's just not worth my time and energy when it doesn't affect us.

2 comments:

Edge said...

I have a friend who installs security systems for banks. It's something like that. He knows banks. I ask him what banks are good. His response is basically, "Well, not really any of them." He did say specifically that BOA is in a lot of financial trouble. YIKES! That's where my money is. So it looks like they are trying to make money with credit card interest. I'm impressed you thought about calling the credit card people and tried to negotiate a lower rate.

~Jef

Courtney said...

See, the debate about "good" banks versus "bad" banks is all really moot to me. For the things that I need out of banks, they could be the worst bank in the country and I'd probably still do okay with them.

What's the worst Bank of America can do to me? I suppose fees. And I avoid these as much as possible. I only use BoA ATMs unless it's an emergency (and even then I'll still try to find a pharmacy or something and get cash back at the register from a small purchase first). I have direct deposit to avoid account fees; I don't bounce checks. I don't make late payments or go anywhere near my credit limit, and I don't carry a balance.

So basically, as long as my money is *there* I don't really care much what else they do. And even if they fold, I'm FDIC-insured.

Reiterated: Banks can only screw you as much as you let them!